25 September 2019Analysis

AXA XL partners with Accenture to strengthen its cyber offering

AXA XL and Accenture have teamed up to offer global cybersecurity services to AXA XL’s underwriters, brokers and clients.

AXA XL, AXA’s property and casualty (P&C) and specialty risk division, is tapping into Accenture’s cybersecurity capabilities to better identify and serve its clients’ cyber-related needs.

The partnership gives AXA XL’s clients access to Accenture Security’s iDefense threat intelligence team, which should deepen their understanding of their cyber risks by providing actionable reports on cyber threats. Accenture is also offering additional bespoke services designed to help identify and mitigate cyber risks.

Initially this is being done on an industry basis for the manufacturing, retail, healthcare and financial services industries, among others. By early 2020 it will be expanded to cover the P&C industry.

Accenture provides post-breach security services for AXA XL clients outside the US, including incident management and IT forensics. For US clients it provides post-breach services as part of a group of service providers.

Accenture research shows that over the next five years, cyberattacks could cost companies $5.2 trillion in value-creation opportunities.

Sushil Saluja, a senior managing director at Accenture and leader of its financial services group in Europe, said: “Cyber risk is one of the biggest threats facing businesses and is profoundly underinsured.”

Saluja added: “The challenges involved in underwriting cyber insurance are significant, especially given the lack of historical data and the rapid evolution of cyber threats.”

Max Richter, a managing director in Accenture’s UK insurance practice and the global account lead for AXA XL, said the partnership represented a cybersecurity proposition that was differentiated from what is otherwise available in the market.

“This partnership will give AXA XL’s underwriters, and particularly their clients, vast access to Accenture Security’s ecosystem, including threat intelligence, risk mitigation and post-breach services, which should foster more informed decisions about cyber risk and better post-breach outcomes,” said Richter.

Jason Harris, chief executive of AXA XL’s global P&C insurance business, said: “It is paramount that we promote improved cybersecurity while also protecting clients from an insurance perspective in a transparent and forward-thinking way.”